Most expensive ready penthouse sold for Dhs122 million in Dubai

DUBAI: Dubai is a city of superlatives. The world’s tallest building, the globe’s biggest Ferris wheel, the largest flower garden, the highest tennis court on the planet, and in a city of gold, the largest gold ring on earth.

These are just a few records Dubai has broken, and do not make the complete list.

Breaking records is second nature to Dubai, which is why the world comes flocking to this iconic emirate.

Dubai luxury real estate market transactions hit a new high in May, with a 4-bedroom penthouse in Bulgari Resort and Residences topping the list.

The spacious, full-floor 12,113 sq t property sold for a record breaking Dhs122 million, making it the most expensive ready penthouse to ever be sold in Dubai.

The apartment is a true architectural gem, boasting views of both the Dubai skyline and Bulgari Marina, and designed in Bulgari’s refined signature style: contemporary and timeless. It was sold by Driven Properties and follows a series of record-breaking deals by the brokerage, from the most expensive plot and townhouse sold, to the highest price per square foot.

Abdullah Alajaji, Founder and CEO of Driven Properties told Gulf Today that Dubai is once again demonstrating that it is one of the hotest markets in the world, with no signs of slowing down. Bulgari Resort and Residences has outperformed all other areas, and with good reason; the privacy this project offers is unparalleled, as is its location and impeccable quality.

Occupying a pristine stretch of coastline on Jumeirah Bay Island, Bulgari Resort and Residence is an urban oasis inspired by the unique charms of the Mediterranean. Larger in scale than any other Bulgari destination, the property evokes and complements its maritime seting, and is home to the first Bulgari Marina & Yacht Club. It is one of the most sought-ater and prestigious addresses in Dubai.

Leila Shugri, the agent behind the sale, commented, “This latest transaction answers all questions as to the current state of the property market in Dubai – there is no doubt that it is continuing to grow, and this becomes more and more apparent every day. This deal is one of many to come in this prime area.”

In 2021, Dubai’s most expensive penthouse was sold for Dhs85 million.

The stunning 21.300 square-foot, 5-bedroom duplex apartment sits on the top floor of one of the most luxurious residential buildings in Palm Jumeirah, One at Palm Jumeirah by Omniyat. High-end living has hit a new high in Dubai.

What makes it so special? Apart from the stunning panoramic view of the Marina and the Arabian Gulf, a truly unique feature of this architectural masterpiece is the serene rootop garden. Landscaped terraces and infinity pools offer a unique feeling of being in your own private island in the middle of the city.

The broker behind this jaw-dropping sale is Kianoush Darban, Associate Partner at Driven Properties, who has been handling some of the most luxurious projects Dubai has to offer.

This transaction comes ater the best quarter the company had in its nearly 10-year history, showcasing once again that Dubai is the number go-to hotspot for the world’s elite.

In February 2023, Dubai recorded the most expensive apartment sale deal in its history, at a value of Dhs410 million ($112 million).

It is an off-plan deal within the Bulgari Lighthouse project under development in the “Island 2” area on an area of 3,620.45 square meters, according to data from the Dubai Land Department. The price per square meter was Dhs 113,245.59.

Created in partnership with Dubai-based developer Meraas, the new Bulgari Lighthouse tower spans 27 storeys and features 31 penthouses, topped by the magnificent three-story Sky Villa, an unmatched residence with nine bedrooms and a 13,000-square-foot terrace.

Meraas wrote on Twiter, “Architecture in harmony with nature.

“The design of the Bulgari Lighthouse façade takes inspiration from the natural and gentle movements of marine corals in the sea, creating living and breathing light paterns, which evolve and change from day until night. #Meraas #Bulgari”

On the other hand, the One project from Omniyat in Palm Jumeirah again is the taking point in the UAE. The demand for luxury real estate is on the rise in Dubai, a fact demonstrated by the latest residential property lease deal on Palm Jumeirah, Dubai.

A four-bedroom penthouse in Palm Jumeirah won a huge rental deal of Dhs1.7 million (about 460 thousand dollars) for a year, as the tenant does not want to miss the opportunity to live in the “One Palm” project from “Omniyat”, which is one of the most expensive residential projects distinguished in Dubai.

The “Metropolitan Premium” real estate company completed this deal, which is one of the largest residential rental deals in Dubai this year.

Last November, a villa was rented in Palm Jumeirah for a period of six months, for Dhs4 million (about 1.1 million dollars).